First Commonwealth Financial (NYSE:FCF) Rating Reiterated by DA Davidson

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First Commonwealth Financial (NYSE:FCF)‘s stock had its “neutral” rating restated by DA Davidson in a research note issued on Friday, Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. Piper Sandler downgraded shares of First Commonwealth Financial from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $11.00 to $10.00 in a research report on Friday, May 1st. Zacks Investment Research raised shares of First Commonwealth Financial from a “sell” rating to a “hold” rating in a research report on Tuesday, June 30th. ValuEngine raised shares of First Commonwealth Financial from a “sell” rating to a “hold” rating in a research report on Thursday, July 2nd. Finally, Royal Bank of Canada reissued a “hold” rating and set a $9.00 price target on shares of First Commonwealth Financial in a research report on Monday, July 20th. Six investment analysts have rated the stock with a hold rating, First Commonwealth Financial presently has a consensus rating of “Hold” and a consensus target price of $10.40.

Shares of NYSE FCF opened at $7.87 on Friday. First Commonwealth Financial has a fifty-two week low of $6.77 and a fifty-two week high of $14.93. The company has a 50 day simple moving average of $7.87 and a two-hundred day simple moving average of $9.88. The company has a market capitalization of $775.26 million, a price-to-earnings ratio of 9.48 and a beta of 1.09. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.90 and a current ratio of 0.93.

First Commonwealth Financial (NYSE:FCF) last announced its earnings results on Tuesday, July 28th. The bank reported $0.24 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.15. First Commonwealth Financial had a net margin of 20.32% and a return on equity of 8.02%. The business had revenue of $88.86 million during the quarter, compared to the consensus estimate of $87.56 million. During the same quarter last year, the firm earned $0.28 earnings per share. The business’s revenue for the quarter was down .7% on a year-over-year basis. On average, analysts forecast that First Commonwealth Financial will post 0.6 earnings per share for the current fiscal year.

In related news, EVP Matthew C. Tomb bought 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were bought at an average price of $6.93 per share, for a total transaction of $27,720.00. Following the completion of the acquisition, the executive vice president now owns 63,647 shares of the company’s stock, valued at approximately $441,073.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.53% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Versant Capital Management Inc boosted its holdings in First Commonwealth Financial by 79.0% in the first quarter. Versant Capital Management Inc now owns 3,537 shares of the bank’s stock worth $32,000 after purchasing an additional 1,561 shares during the last quarter. AQR Capital Management LLC purchased a new position in shares of First Commonwealth Financial during the 4th quarter worth $146,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of First Commonwealth Financial by 97.6% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,066 shares of the bank’s stock worth $110,000 after acquiring an additional 5,961 shares during the last quarter. Man Group plc purchased a new position in shares of First Commonwealth Financial during the 4th quarter worth $180,000. Finally, First Citizens Bank & Trust Co. purchased a new position in shares of First Commonwealth Financial during the 2nd quarter worth $109,000. Institutional investors own 67.96% of the company’s stock.

About First Commonwealth Financial

First Commonwealth Financial Corporation, through its subsidiaries, provides consumer and commercial banking services to individuals, and small and mid-sized businesses in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, savings accounts, insured money market accounts, debit cards, investment certificates, fixed and variable rate certificates of deposit, mortgage loans, secured and unsecured installment loans, construction and real estate loans, safe deposit facilities, credit cards, credit lines with overdraft checking protection, IRA accounts, and automated teller machine (ATM) services, as well as Internet, mobile, and telephone banking services.

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